H. Res. 190: H.R. 1106 – Helping Families Save Their Homes Act of 2009

COMMITTEE ACTION: REPORTED BY A VOICE VOTE on Wednesday, February 25, 2009.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 224-198 AFTER AGREEING TO THE PREVIOUS QUESTION BY A  RECORD VOTE OF 238-183 on Thursday, February 26, 2009.

 

 

 

MANAGERS: Hastings (FL)/Foxx

111th Congress 
1st Session

H.RES 190

[Report No. 111-21]

 

H.R. 1106 – Helping Families Save Their Homes Act of 2009

  1. Structured rule.
  2. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services and the chair and ranking minority member of the Committee on the Judiciary.
  3. Waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI.
  4. Provides that the bill shall be considered as read.
  5. Waives all points of order against provisions in the bill. This waiver does not affect the point of order available under clause 9 of rule XXI (regarding earmark disclosure).
  6. No amendments shall be in order except those amendments printed in the Rules Committee report accompanying the resolution.
  7. Provides that the amendments made in order may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole.
  8. Waives all points of order against the amendments printed in the report except those arising under clause 9 or 10 of rule XXI.
  9. Provides one motion to recommit with or without instructions.

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RESOLUTION

            Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 1106) to prevent mortgage foreclosures and enhance mortgage credit availability. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived except those arising under clause 9 of rule XXI. General debate shall be confined to the bill and shall not exceed one hour equally divided among and controlled by the chair and ranking minority member of the Committee on Financial Services and the chair and ranking minority member of the Committee on the Judiciary. After general debate the bill shall be considered for amendment under the five-minute rule. The bill shall be considered as read. All points of order against provisions in the bill are waived. Notwithstanding clause 11 of rule XVIII, no amendment to the bill shall be in order except those printed in the report of the Committee on Rules accompanying this resolution. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such amendments are waived except those arising under clause 9 or 10 of rule XXI. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

SUMMARY OF AMENDMENTS TO BE MADE IN ORDER

1. Conyers (MI):

The amendment would (1) require courts to use FHA appraisal guidelines where the fair market value of a home is in dispute; (2) deny relief to individuals who can afford to repay their mortgages without judicial mortgage modification; and (3) extend the negotiation period from 15 to 30 days, requiring the debtor to certify that he or she contacted the lender, provided the lender with income, expense and debt statements, and that there was a process for the borrower and lender to seek to reach agreement on a qualified loan modification.  It also would require a GAO study regarding the effectiveness of mortgage modifications outside of bankruptcy and judicial modifications, whether there should be a sunset, the impact of the amendment on bankruptcy courts, whether relief should be limited to certain types of homeowners.  The GAO must analyze how bankruptcy judges restructure mortgages, including the number of judges disciplined as a result of actions taken to restore mortgages.  The Amendment would clarify that loan modifications, workout plans or other loss mitigation plans are eligible for the servicer safe harbor.  Requires HUD to receive public input before implementing certain FHA approval provisions.  With respect to the HOPE for Homeowners Program: recasts the prohibition against having committed fraud over the last 10 years from a freestanding prohibition to a borrower certification.  Would amend the National Housing Act to broaden eligibility for Home Equity Conversion Mortgage (HECM) or “reverse mortgage.”  Would provide that the GAO must submit to Congress a review of the effects of the judicial modification program.  Would require the Comptroller of Currency, in coordination with the Director of Thrift Supervision, to submit reports to Congress on the volume of mortgage modifications and issue modification data collection and reporting requirements. Would express the Sense of Congress that the Treasury Secretary should use amounts made available under the Act to purchase mortgage revenue bonds for single-family housing. Would express the Sense of Congress that financial institutions should not foreclose on any principal homeowner until the loan modification programs included in H.R. 1106 and the President’s foreclosure plan are implemented and deemed operational by the Treasury and HUD Secretaries.  Would establish a Justice Department Nationwide Mortgage Fraud Task Force to coordinate anti-mortgage fraud efforts. Would provide that the Treasury Secretary shall provide that the limit on the maximum original principal obligation of a mortgage that may be modified using EESA funds shall not be less than the dollar limit on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation that is in effect at the time the mortgage is modified.

(30 Minutes)

2. Price, Tom (GA):

Would provide that if a homeowner who has had a mortgage modified in a bankruptcy proceeding sells the home at a profit, the lender can recapture the amount of principal lost in the modification.

(10 Minutes)

3. Peters, Gary (MI):

Would provide that, in the case of a debtor whose home is in foreclosure, the debtor could meet the pre-filing credit counseling requirement by receiving counseling either before filing or up to 30 days after filing.

(10 Minutes)

4. Titus (NV):

Would require a servicer that receives an incentive payment under the Hope for Homeowners program to notify all mortgagors under mortgages they service who are “at-risk homeowners” (as such term is defined by the Secretary), in a form and manner as shall be prescribed by the Secretary, that they may be eligible for the HOPE for Homeowners Program and how to obtain information regarding the program.

(10 Minutes)